New Jersey to Host F-1’s Grand Prix of America for 10 Years

Oct. 25 (Bloomberg) -- Formula One auto racing will hold
the Grand Prix of America in New Jersey in a 10-year deal that
may generate as much as $1 billion in economic activity, said
Leo Hindery Jr., organizer of the event and managing director at
InterMedia Partners LP.

The course in Weehawken and West New York is expected to
bring as many as 100,000 people to a three-day event in sight of
the Manhattan skyline. Designers laid out a 3.2-mile track using
roads at the Port Imperial ferry terminal and along the Hudson
River Palisades.

“People from all over the world will be coming to New
Jersey to see the race on this unique and exciting course,”
Governor Chris Christie told reporters at the site of a planned
pit area. “Everything has been handled extremely well and the
inconvenience to people here will be minimal.”

The agreement is awaiting three permits, which Christie
said he anticipates the state and towns will approve.

“I’ve been wanting to do this for years,” F-1 chief
executive Bernie Ecclestone said. “You’ll be able to see the
Manhattan skyline on TV.”

The track, where cars hit speeds of as much as 320
kilometers per hour (200 mph), will be comparable to the current
courses in Valencia, Spain; Shanghai; and Singapore, Hindery
said.

Busing to the Race

The events may top $100 million annually in economic
activity for a decade, he said. The event will require no public
subsidies and organizers will pay the costs of safety and
cleanup, he said. Fans are expected to arrive via mass transit,
making it the world’s first “green race,” he said.

“Formula One is the No. 1 sport in the world in terms of
revenue produced per event,” Hindery said. It’s going to be an
extra boon for this state, the region and for these two towns.’’

Richard Turner, mayor of Weehawken, and Felix Roque, mayor
of West New York, said they had been prepared to block the plans
if the communities had to pick up any of the tab. The
announcement is proof of a “rebirth for Weehawken and West New
York,” Turner said.

“I have no doubt that this is going to end up being one of
the great marquee races in history,” said Humpy Wheeler, an
adviser to the race who is former president of Charlotte Motor
Speedway in Concord, North Carolina.